Funds of Board

(1) The Board shall have three separate Funds to be called the Khadi Fund, the Village Industries Fund and the General and Miscellaneous Fund. (2) There shall be credited— (a) to the Khadi Fund, all sums received by the Board for purposes relating to Khadi; (b) to the Village Industries Fund, all sums received by the Board for purposes relating to village industries; (c) to the General and Miscellaneous Fund, all other sums received by the Board: Provided that if the amount available in any of the said Funds is in excess of the requirements of that Fund and the amount available in any other of the said Funds is insufficient to meet the requirements of that Fund, the Board may, with the previous approval of the Administrator, transfer from the first mentioned Fund the excess amount or such part thereof as may be necessary to the other Fund. Explanation :—For the purpose of computing the amount in any of the said Funds, the amount received under section 23 shall not be taken into account. (3) All moneys belonging to all the Funds referred to in sub-section (1) shall be deposited in the State Bank of India or in such corresponding new bank as may be specified by the Administrator or, where there is no such bank, in any Government treasury, or be invested in such securities as may be approved by the Administrator. Explanation :—"Corresponding new bank" has the meaning assigned to it in clause (da) of section 5 of the Banking Regulation Act, 1949. (4) The sums credited under sub-section (1),— (a) to the Khadi Fund, shall be applied for the purposes relating to khadi; (b) to the Village industries Fund, shall be applied for the purposes relating to village industries; (c) to the General and Miscellaneous Fund, shall be applied for the purposes relating to khadi and Village industries and for meeting the salary, allowances and other remuneration of the Chairman, Vice-Chairman, Secretary, Members, Financial Adviser and Chief Accounts Officer, Executive Officer and other officers and employees of the Board and other administrative expenses of the Board.